Contract Management Software Market Report to 2027

Contract Management Software Market to 2027 - Global Analysis and Forecast by Component (Software, Service); Deployment Type (Cloud-Based, On-Premise); Business Function (Legal, Sales, Procurement, Others); Vertical (Healthcare and Life Sciences, Transportation and Logistics, Government, Manufacturing, Telecom and IT, BFSI, Others)

  • Report Code : TIPRE00007019
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 199
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[Research Report] The contract management software market expected to grow from US$ 1,522.9 million in 2019 to US$ 5,236.1 million by 2027; it is estimated to grow at a CAGR of 16.7% from 2019 to 2027.

Adoption by small and medium-sized enterprises (SMEs) is attributing to the growth of the market. Presently, most of the customers of contract management software belong to large enterprises segment mainly due to complex large scale operations and fast adoption of advanced solutions by large enterprises. On a global level, large enterprises are at the forefront of digital transformation to improve operations, however, small and medium-sized enterprises are still in the initial phases of adopting latest technology trends. Some of the major reasons behind this slow adoption by SMEs include lack of resources and lack of awareness about the potential benefits of digital transformation. Hence, SMEs offers a huge growth opportunity for players operating in the contract management software market. In order to tap this potential segment, companies are investing in marketing activities to spread awareness and generate interest in small scale businesses.  

The players operating in the contract management software market are now offering various cloud-based solutions at affordable prices. Companies are now focusing on small and medium-sized enterprises in order to increase revenue and market share. Rising trend of digitization among enterprises to improve operational workflow and reduce costs will offer massive growth opportunity for market players in both developed and developing regions during the forecast period of 2019 to 2027.

Lucrative Regions in Contract Management Software Market


Lucrative Regions in Contract Management Software Market
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
 

Market Insights–Contract Management Software Market

Integration of advanced technologies such as artificial intelligence in contract management software

The artificial intelligence (AI) technologies, such as deep learning and machine learning, are advancing at a faster pace. AI is being integrated extensively across numerous areas, ranging from cloud computing applications to digital assistants, to automate the processes. With ever-increasing use cases of AI and the evolving market landscape, the advancements in contract management software have become a necessity. The integration of AI with the contract management software permits the users to analyze all the details related to making cost-effective purchases while partnering with low-risk suppliers; it also offers real-time analytics and intelligence, along with continually improving on the goals related to cost-savings by sinking cost to serve its customers.

Timely data processing is one of the critical factors of the contract management process. To keep a record of contract details, the organizations require efficient contract management software. The integration of AI technology with contract management software permits them to handle the repetitive methods by automating the processes, along with addressing the issue faced by organizations during contract management. The availability of massive amount of data originating from different data sources is one of the key factors driving the growth of AI technology across the globe. Thus, the adoption of such advanced technologies is driven by the successful uses cases of AI which resulted into increased operational efficiency, better sales revenue, and improved customer experiences. The trend is expected to have a noteworthy impact on the contract management software market by driving its demand into various technology sectors.


Component-Based Insights

Based on component, the contract management software market is segmented into software, services. The software segment held the largest market share in 2018.

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Contract Management Software Market: Strategic Insights

contract-management-software-market
Market Size Value inUS$ 1,522.9 Million in 2019
Market Size Value byUS$ 5,236.1 Million by 2027
Growth rateCAGR of 16.7% from 2020-2027
Forecast Period2020-2027
Base Year2020
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Players operating in the contract management software market are mainly focused on the development of advanced and efficient products.

  • In 2019, Periscope Holdings’ procurement software would integrate with a suite of Agiloft software for contract management. The agreement between the two companies also allows Periscope to sell Agiloft’s CLM product by itself.
  • In 2019, Agiloft added Mexico-based legal technology consultancy Red de Firmas as a certified reseller of its agile business process software. Red De Firmas leverages Agiloft Contract Management Suite to further its mission of digitizing the operations of lawyers.

The contract management software market has been segmented as follows:


Contract Management Software Market – by Component

  • Software
  • Services

Contract Management Software Market – by Deployment Type             

  • Cloud-Based
  • On-Premises

Global Contract Management Software Market – By Business Function

  • Legal
  • Sales
  • Procurement
  • Others

Global Contract Management Software Market – By Vertical

  • Healthcare and Life Sciences
  • Transportation and Logistics
  • Government
  • Manufacturing
  • Telecom and IT
  • BFSI
  • Others

Contract Management Software Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • Russia
    • U.K
    • Rest of Europe
  • Asia Pacific (APAC)

    • Japan
    • China
    • Australia
    • India
    • South Korea
    • Rest of APAC
  • Middle East and Africa (MEA)

    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM

Contract Management Software Market – Company Profiles

  • Agiloft Inc.
  • Apttus Corporation
  • CLM Matrix (Wolters Kluwer ELM Solutions, Inc.)
  • CobbleStone Software
  • ContractsWise
  • IBM Corporation
  • Icertis
  • JAGGAER
  • SAP SE
  • Zycus Inc
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component ; Deployment Type ; Business Function ; Vertical

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What factors are contributing to growth of the Contract Management Software industry In North America?

Being a technologically advanced region, North America highly invests in new technologies and innovations for its companies to be ahead in the competition. Digital transformation of the business processes of the company helps the company in automating many of the sub-processes that saves time and helps the company in focusing on other important decisions of the company. This helps in the further development of the company in the market and increasing its market share.

What are market opportunities for Contract Management Software?

SMEs offers a huge growth opportunity for players operating in the contract management software market. In order to tap this potential segment, companies are investing in marketing activities to spread awareness and generate interest in small scale businesses.

Which deployment type is commonly used for Contract Management Software?

The cloud-based deployment of software is commonly used and also widely adopted as it eliminates capital overheads, feature data backup on regular basis, and also companies are entitled to pay only for the resources they utilize. It is feasible for enterprises to plan an expeditious expansion at a global scale as the cloud has greater appeal to connect with more partners, clients, customers, and other businesses across locations with minimum effort.

The List of Companies – Global Contract Management Software Market

  1. Agiloft Inc.
  2. Apttus Corporation
  3. CLM Matrix (Wolters Kluwer ELM Solutions, Inc.)
  4. CobbleStone Software
  5. ContractsWise
  6. IBM Corporation
  7. Icertis
  8. JAGGAER
  9. SAP SE
  10. Zycus Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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